
DECISION ANALYSIS-ICE BREAKER
Authored by Weenavel Sanoy
Business
University
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5 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Find the maximax possible payoff of Kelly Construction.
400,000
800,000
1,200,000
100,000
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In which daily supply of salad has the highest minimum payoff (maximin)?
40 salads
50 salads
60 salads
70 salads
Answer explanation
If we decide to supply 40 salads, the minimum pay-off is $80.
If we decide to supply 50 salads, the minimum pay-off is $0.
If we decide to supply 60 salads, the minimum pay-off is ($80).
If we decide to supply 70 salads, the minimum pay-off is ($160).
If we decide to supply 40 salads, the minimum pay-off is $80.
If we decide to supply 50 salads, the minimum pay-off is $0.
If we decide to supply 60 salads, the minimum pay-off is ($80).
If we decide to supply 70 salads, the minimum pay-off is ($160).
The highest minimum payoff arises from supplying 40 salads. This ensures that the worst possible scenario still results in a gain of at least $80.
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Using the minimax regret criterion, how many salad supplies would the management desire to reduce maximum regret?
40 salads
50 salads
60 salads
70 salads
Answer explanation
If we decide to supply 40 salads, the maximum regret is $60.
If we decide to supply 50 salads, the maximum regret is $80.
If we decide to supply 60 salads, the maximum regret is $160.
If we decide to supply 70 salads, the maximum regret is $240.
If we decide to supply 40 salads, the maximum regret is $60.
If we decide to supply 50 salads, the maximum regret is $80.
If we decide to supply 60 salads, the maximum regret is $160.
If we decide to supply 70 salads, the maximum regret is $240.
A manager employing the minimax regret criterion would want to minimize that maximum regret, and therefore supply 40 salads only.
*Note that the given example does not have probabilities.
4.
FILL IN THE BLANK QUESTION
20 sec • 1 pt
It is the price that one would be willing to pay to gain access to perfect information.
5.
FILL IN THE BLANK QUESTION
20 sec • 1 pt
It is a statistical calculation used primarily in the business field to help determine optimal courses of action.
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